QIC set to enter Lloyd’s market

Qatar Insurance Company (QIC) has reached an agreement to acquire the entire share capital of Antares Holdings, a leading specialist insurer and reinsurer operating in the Lloyd’s market. The acquisition will bring a Bermudian platform with a Class 3 reinsurance license under the QIC umbrella.

The acquisition is subject to UK, Bermudian and Qatari regulatory approval and is expected to close in the second half of 2014.

Khalifa Al Subaey, group president and CEO of QIC, says: “the acquisition of Antares is another important milestone in QIC’s international strategy. Antares will help QIC to build a significant global property & casualty and specialty insurance footprint.”

Stephen Redmond, managing director of Antares, adds: “we are excited about becoming part of QIC and believe that Antares and QIC have complementary models built around an aligned underwriting philosophy. As part of QIC, Antares will be a stronger business that will be well placed for the future.”